Spelling & Vocabulary Enrichment ( 36 )

36- ] Spelling & Vocabulary Enrichment .

Business In Use .

Buyers , sellers and the market .

A-]Customers and clients :

- A company which its product is car components , the customer base is car companies .

- A company which its services are package holidays , the customer base is general public .

-A company which its professional services are concerned with architecture , its client base or

clientele is companies , government organizations and the public .

- A company which its products are cheap computers , its customer base is general public .

- People who buy ‘everyday’ services such as train travel or telephone services are called

‘customers’ .You can also talk about the ‘users’ or ‘end-users’ of a product or service , who

may not be the people who actually buy it . For example , when a company buys computers for its staff to use , the staff are the end-users .

B-] Buyers and sellers :

- A person or organization that buys things is a ‘buyer’ or ‘purchaser’. These words aalso describe someone in a company who is responsible for buying goods that the company uses or sells . These people ae also ‘buying managers’ or ‘purchasing managers’ .

- A person or organization that sells something is a ‘seller’ . In some contexts , for example  selling property , they are referred to as the ‘vendor’ . People selling things in the street are ‘street vendors .

C-] The market :

- ‘The market’ ,’the free market’ and ‘market economy’ describes an economic system where prices , jobs and wages , etc. are not controlled by the government , but depend on what people want to buy and how much they are willing to pay .

D-] Word combinations with ‘market’ :

- ‘market forces /pressures’ : the way a market economy makes sellers produce what people want , at prices they are willing to pay .

- ‘marketplace’ :producers and buyers in a particular market economy and the way they behave .

- ‘market prices’ : prices that people are willing to pay , rather than ones fixed by

a government .

- ‘market reforms’ : changes a government makes to an economy , so that it becomes more like a market economy .

Markets And Competitors .

A-] Companies and markets :

-You can talk about the people or organizations who buy particular goods or services as the ‘market’ for them , as in the ‘car market’ , ‘the market for financial services’ , etc. Buyers and sellers of particular goods or services in a place ,or those that might buy them , form a ‘market’ .

If a company :

enters penetrates		it starts selling there for the first time .
abandons gets out of leaves		it stops selling there .
dominates	market	it is the most important company selling there .
corners monopolizes		it is the only company selling there .
drives another company out of		it makes the other company leave the market ,  perhaps because it can no longer compete .

B-] More word combinations with market :

1-] ‘Market growth : In the late 1990s , Internet use was doubling every 100 days . ‘Market growth’ was incredible .

2-]’Market segment’ : Women are a particularly interesting target for the Volvo V70 . They are an important ‘market segment’ for Volvo.

3-] ‘Market segmentation’ :The software company divides the software market into large companies , small companies ,home office users ,and leisure users . This is its ‘market segmentation’.

4-] ‘Market share’ : Among the country’s supermarkets , this supermarket sells more than

other chains .It has the highest ‘market share’ .

5-] ‘Market leader’ : This supermarket is the ‘market leader’ among the country’s supermarkets as it sells more than any of the other chains .

C-]Competitors and competition :

- Companies or products in the same market are ‘competitors’ or ‘rivals’ . Competitors compete with each other to sell more , be more successful ,etc.

- The most important companies in a particular market are often referred to as ‘key players’.

- ‘Competition’ describes the activity of trying to sell more and be more successful . When competition is strong , you can say that it is ‘intense’ , ‘stiff’ , ‘fierce’ or ‘tough’ . If not , may be  described as ‘low-key’ .

- ‘The competition’ refers to all the products , businesses , etc. competing in a particular situation , seen as a group .

Marketing And Market Orientation .

A-] Marketing :

- It is the process of planning , designing , pricing , promoting and distributing ideas , goods and services in order to satisfy ‘customer needs’ , so as to make a profit .

- Companies point out how the special characteristics or ‘features’ of their products and services possess particular ‘benefits’ that the needs of the people who buy them.

- ‘Non-profit organizations’ have other social goals such as persuading people not to smoke or to give money to people in poor countries , but these organizations also use the techniques of marketing . 

- In some places even organizations such as government departments are starting to talk

about or at least think about their activities in terms of the ‘marketing concept’ .

B-]The four Ps:

They are 1-] Product : deciding what to sell . 2-] Price : deciding what prices to charge .

 3-]Place : deciding how it will be distributed and where people will buy it . 4-] Promotion : deciding how the product will be supported with advertising , special activities etc.

- A fifth ‘P’ which is sometimes added is ‘packaging’ : all the materials used to protect and  present a product before it is sold .

- The four Ps are a useful summary of the ‘marketing mix’ , the activities that you have to combine successfully in order to sell .

- ‘To market’ a product is to make a plan based on this combination and put it into action .

‘A marketer’ or ‘marketeer’ is someone who works in this area .

‘Marketer’ can also be used to describe an organization that sells particular goods or services.

C-] Market orientation :

Marketers often talk about ‘market orientation’ : the fact that everything they do is designed to meet needs of the market . They may describe themselves as ‘market-driven’ , ‘market-led’ or ‘market-oriented’ .

Spelling & Vocabulary Enrichment [ 35 ]

35- ] Spelling & Vocabular Enrichment 

Business In Use .

 

Innovation And Invention .

A-] Innovation and invention :

Verb                                                       Noun :concept                       Noun : thing          Noun : person

design : to make plans or drawings        design                                  a design                     a designer

 for how something is to be made .                                     

develop : to make a new idea           development                               a development      a developer

successful, for example by making or improving a product  .    

 innovate : to think of new ideas ,         innovation                            an innovation              an innovator

 methods products , etc.                         

invent :  to design and make                  invention                               an invention                 an inventor

 something for the first time .                

technology :  the practical or

                industrial use of scientific discoveries

B-] Research and technology :

- I am a head of ‘product development’ at a company . The company makes semiconductors , the components at the heart of every computer . I am in charge of ‘research and development’ at our ‘research center’. Our ‘laboratories’ are some of the most ‘innovative’ in the computer industry , and we have made many new discoveries and ‘breakthroughs’ .

- I love ‘technology’ , using scientific ‘knowledge’ for practical purposes . The ‘technology’ of semiconductors is fascinating . We are at the ‘cutting edge’ or ‘leading edge’ of semiconductor technology  : none of our competitors has better products than us . Everything we do is state-of-the-art , using the most advanced techniques available .

- Of course , the ‘hi-tech’ products of today become the ‘low-tech’ products of tomorrow . Products that are no longer up-to-date because they use old technology are ‘obsolete’ . It is my job to make sure that the company’s products never get into that situation .

C-] Patents and intellectual property :

- information or knowledge that belongs to an individual or company is ‘proprietary’ . A product developed using such information may be protected in a law by ‘patents’ so that others cannot copy its design .

- Other companies may pay to use the design ‘under license’ in their own products . These payments are ‘royalties’ .

- In publishing , if a text , picture etc. is ‘copyright’ , it cannot be used by others without permission . Payments to the author from the publisher are ‘royalties’ .

- The area of law relating to patents and copyright is ‘intellectual property’ .

Making things .

A-] Products :

- A product can be 1-] something natural . 2-] something made to be sold . 3-] a service .

- ‘Produce’ refers to agricultural products such as crops or fruit . For example , you can buy fresh produce at a farmers’ market .

- Something that is made is ‘produced’ or ‘manufactured’ .

- A country or company that produces something is a ‘producer’ of it .

- A company that manufactures something is a ‘maker’ or ‘manufacturer’ of ‘manufactured goods’ .

B-] Mass production :

- I am head of car production at a ‘manufacturing plant’ . ‘Plant’ sounds more modern than ‘factory’ or ‘works’ . On the ‘assembly line’ we ‘mass-produce’ cars . The plant is highly ‘automated’ : we use a lot of machinery . These machines are expensive to buy but very ‘cost-effective’ – we do not have to pay them wages ! We use ‘industrial robots’ . These robots are part of the ‘CADCAM’ system of computer-assisted design and manufacturing .

- I have a little ‘workshop’ where I produce furniture ordered by individual customers . We do not use machinery : the furniture is ‘hand-made’ . Producing furniture like this is a ‘crat industry’ . It is very ‘labor-intensive’ : it takes a lot of work to produce each piece . Many people dislike the furniture that big companies ‘churn out’ in large numbers on their ‘production lines’, so we have a lot of customers. 

C-] Capacity and output :

‘Output’ is the number or type of things that a plant , company , industry or country produces. ‘Productivity’ is a measure of how much is produced in relation to the number of employees .

High output per employee = high productivity .

The maximum amount that a particular plant , company or industry can produce is its ‘capacity’ . If it is producing this amount , it is ‘working at full capacity’ . If it is producing more than what is needed , there is  ‘overproduction’ or : ‘excess capacity’ , ‘overcapacity’ , ‘spare capacity’ , ‘surplus capacity’ . These expressions can also be used in service industries . 

- If far too many things are produced , there is a ‘glut’ of these things . If not enough goods are being produced , there is a ‘shortage’ .

Materials and supplies .

A-] Inputs :

The company makes vacuum cleaners . It takes ‘raw materials’ like steel and plastic and makes of the ‘components’ or ‘parts’ used in its products . Other components are made by other companies . Materials and parts are just some of the inputs . The others are ‘labor’ [ [workers  and managers ] and ‘capital’ [ money ] . ‘Knowledge’ is also important because the company is a leader in vacuum technology . Vacuum cleaners that are being made are ‘work-in-progress’ . At any one time , the company has ‘goods’ worth millions of dollars in its factories  and warehouses : the products that have been made – its ‘finished goods’ – and materials and components . Quantities of raw materials , components , work-in-progress and finished goods in a particular place are ‘stocks’ .

  B-] Supplies and outsourcing : The company receives materials and components from about 20 companies , its ‘suppliers’ or ‘partners’. The company is doing more ‘subcontracting’: using ‘outside suppliers’ to provide components and services that were previously supplied ‘in-house’ : within the company .

C-] Just-in-time :

Of course , it costs money to keep components and goods ‘in stock’ :stocks have to be ‘financed’ [ paid for] . ‘stored’ [ perhaps in special buildings : ‘warehouses’ and ‘handled’ [ moved from one place to another ] . So the company is asking its suppliers to provide components just-in-time’ , as and when they are needed . This is part of ‘lean production’ or ‘lean manufacturing’ making things ‘efficiently’ : doing things as quickly and cheaply as possible , without waste .

Business philosophies .

A-] Total quality management :

The company believes in ’quality’ : ‘The specifications’ or ‘specs’ of a product are exact   instructions about its design , including its ‘dimensions’ [ size ] , how it is to be made , the materials to be used etc.                                                                      he objective of ‘quality control’ is ‘conformity’ to ‘specifications’ , the idea that the product should be made exactly as it was intended , with zero ‘defects’ : no faults at all . Things should be done ‘right first time’ so we do not have to correct mistakes later in a process of ‘reworking. We do ‘spot checks’ every few minutes during production to ensure everything is going well .We have a system of ‘total quality management’  [TQM ] , including ‘quality circles’ : groups of employees who meet regularly to suggest improvements .

B-] Continuous improvement :

We are always making small improvements or ‘enhancements’; this is continuous improvement.

We refer to it by its Japanese name ‘kaizen’ .

- We use continuous improvement in our service industry . We look carefully at the overall customer experience . In retailing , they use ‘mystery shoppers’ , who pretend to be shoppers to check service in shops . We use ‘mystery travelers’ to report on the standard of service before , during and after the flight .

C-] Benchmarking :

I am a production manager at an electricity power station in the UK . We use a system called ‘benchmarking’ to compare our ‘performance’ to other power stations . We have recently been to the US to see how the best power stations operate – ‘best practice’ – and try to copy it . We

have managed to halve the number of workers , and increase productivity .

D-] Business process re-engineering :

I am a head of personal banking at an international bank . I think that ‘business process 

re-engineering’ , or [BPR] , applies in service industries as well as in manufacturing . We did not want to change existing things in small ways . We completely redesigned all our processes in management , administration and customer service . We eliminated three levels of management and installed a completely new computer system . The gains in productivity have been very good .

Verb

Spelling & Vocabulary Enrichment ( 34 )

34- ] Spelling & Vocabulary Enrichment .

Business In Use .

 

Organizations .

A-] Business and businesses :

- ‘Business’ is the activity of producing , buying and selling goods and services . A ‘business company’ , ‘firm’ or more formally a ‘concern’ , sells goods or services . Large companies considered together are referred to as ‘big business’ .

- A company may be called an ‘enterprise’ , especially to emphasize its risk-taking nature .

- Businesses vary in size from the ‘self-employed’ person working alone , through the [‘small’ or ‘medium’ ‘enterprise’ “SME” ] to the large ‘multinational’ with activities in several countries .

- A large company , especially in the US , is a ‘corporation’ .The adjective ‘corporate’ , is often used in these combinations : corporate culture , corporate headquarters , corporate image , corporate ladder , corporate logo , corporate profits .

B-] Commerce :

- Commerce is used to refer to business :

- in relation to other fields : ‘ literature , politics and commerce .

- in relation to government departments that deal with business : the US Department of Commerce .

- in the names of organizations which help business : chambers of commerce .

- on the Internet : electronic commerce or e-commerce .

- The adjective ‘commercial’ describes ‘money-making’ business activities : commercial airline , commercial artist , commercial television , commercial disaster , commercial land .

C-] Enterprise :  In 1970s Britain , there were ‘state-owned’ or ‘government-owned’ companies in many different industries such as car manufacturing and air travel . Some industries had been ‘nationalized’ and were entirely state-owned , such as coal, electricity and telephone services . In the 1980s , the government believed that ‘ nationalized companies’ were ‘bureaucratic’ and ineffiecient , and many of them were ‘privatized’ and sold to investors .

- ‘Enterprise’ is used in a positive way to talk about business , emphasizing the use of money to take risks .

D-] Word combinations with ‘enterprise’ :

- Free / private enterprise :  business activity owned by individuals , rather than the state .

- Enterprise culture: an atmosphere which encourages people to make money through their own activities and not rely on the government .

- Enterprise economy : an economy where there is an enterprise culture .

- Enterprise zone :  part of a country where business is encouraged because there are fewer laws , lower taxes , etc.

E- ] Self-employed  people and partnerships :

- I am a ‘freelance’ graphic designer , a ‘freelancer’ . That means I work for myself – I am self-employed . To use the official term , I am a ‘sole trader’ . ‘Sole owner’ and ‘sole proprietor’ are also used in Br E and Am E . ‘Sole trader’ is not used in the US .

- You usually describe people such as designers and journalists as ‘freelancers’ , and people such as builders and plumbers as ‘self-employed’ .

- We have set up our own architecture ‘partnership’ . There are no shareholders in the organization apart from us , the partners . A lot of professional people like lawyers , accountants and so on , work in partnerships .

F-] Limited liability :

- I am the managing director and main shareholder of a small electronics company called Advanced Components Ltd . ‘Ltd’ means ‘limited company’ . The other shareholders and I have ‘limited liability’: we do not have to use our personal property , such as a house or car to pay the company’s debts .

- I am the chief executive of a company called Megaco PLC. ‘PLC’ means ‘public limited company’ , so anybody can buy and sell shares in Megaco on the stock market .

- I am CEO of Bigbucks Inc . ‘Inc’ stands for ‘Incorporated’ . This shows that we are a ‘corporation’ , a term used especially in the US for companies with limited liability .

G-] Mutuals :

- Some companies , like certain ‘life insurance companies’ , are ‘mutuals’ . When you buy insurance with the company you become a ‘member’ . Profits are theoretically owned by the members , so there are no shareholders .

- In Britain , another kind of mutual is ‘building societies’ , which lend money to people who want to buy a house . But a lot of building societies have ‘demutualized’ : they have become public limited companies with shareholders . The process is ‘demutualization’ .

H-] Non-profit organizations :

Organizations with ‘social’ aims such as helping those who are sick or poor , or encouraging artistic activity , are ‘non-profit organizations’ [ Br E] or ‘not-for-profit organizations’ [Am E] . They are also called ‘charities’ , and form the ‘voluntary sector’ , as they rely heavily on ‘volunteers’ [ unpaid workers ] . They are usually managed by paid professionals , and they put a lot of effort into ‘fund-raising’ , getting people to ‘donate’ money to the organization in the form of ‘donations’ .

Manufacturing and services .

A-] Industry :

- Industry is the production of materials and goods . The related adjective is ‘industrial’ . An ‘industry’ is a particular type of business activity , not necessarily production .

B- ] Manufacturing :

Here are some of the ‘manufacturing industries’ that make up the ‘manufacturing sector’ :

aerospace	planes and space vehicles	cars [Br E] automobiles [Am E]	cars
compute hardware	computers , printers etc.	construction	buildings
defence [se]	arms , weapons	food processing	canned , frozen food
household goods	washing machines , refrigerators etc.	pharmaceuticals	medicines
steel	a stronger , more useful metal than iron	textiles	cloth and clothes

C- ] Services :

Here are some of the services or service industries that make up the service sector .

catering	restaurants , bars , hotels etc.	computer software	programs for computers .
financial services	banking , insurance etc.	healthcare	medical care
leisure	sport , theme parks etc.	media	books ‘ newspapers , film , television
property [Br E] real estaste [Am E]	buying , selling and managing buildings	retail	shops
telecommunications	phone , Internet services	tourism	travel and holidays

D-] Countries and their industries :

- In 1950 , South Korea was a poor country , with most people living and working on the land. The government decided to ‘industrialize’ , and the new ‘emerging industries’ were textiles , and ‘heavy industries’ like steel and shipbuilding . Then South Korea turned more and more to ‘light industries’ like electronics , making electrical goods such as televisions cheaply . It also started producing cars . South Korea moved into specialized electronics in the 1980s . This was the one of the ‘growth industries’ of the 1990s : making specialized parts for computers and telecommunications equipment .

The Development Process .

A-] Market research :

The ‘original concept’ is the basic idea for something . In designing products and services ‘market research’ – finding out what people want – is of course very important . This may involve ‘questionnaires’ or ‘surveys’ , with questions about what people buy and why , perhaps with interviews in the street or by telephone .

- There may be ‘consumer panels’ and ‘focus groups’ , where ordinary people meet to discuss product ideas informally . Perhaps the researches will make ‘sales forecasts’ , estimates of how many products will be sold .

B-] Development and launch :

- In software , developers often produce , a final test version , the ‘beta version’ , where users are asked to point out ‘bugs’ [ problems ] before the software is finalized .

- Car designers use [CADCAM]”computer assisted design / computer-assisted design / computer-assisted manufacturing” to help develop and make products and test different ‘prototypes’ .

- ‘Researchers’ in ‘laboratories’ may take years to develop new drugs , ‘testing’ or ‘trialing’ them in ‘trials’ to show not only that they are ‘effective ‘ , but also that they are ‘safe’ . Drugs need to be made on an ‘industrial  scale’ before they can be sold .

- ‘Rollout’ is the process of making a product available , perhaps in particula places , to test reaction .

- ‘Product launch’ is the moment when the product is officially made available for sale . This is the ‘big moment’ .

- If a ‘design defect’ or ‘design fault’ is found in a product after it has been launched , the company may have to ‘recall’ it , asking those who have bought it to return it , perhaps so that the defect can be corrected .